Hi Deepak,
I don't think HSRP and VRRP works on serial interface because HSRp and VRRP both work on the basis of virtual mac address or bia address and there is no concept of mac addresses for serial interfaces.
Will you having another 8 T1 lines for your second router? WHY I am asking is because if you want complete hardware redundancy there should be same lines terminating on another router also because unless and untill this criteria is met even if there is a way for serial interface redundancy and if first router crashes and you do not want any manual intervention then you have to have all 8 t1 lines also terminating on seciond router also.
If it is possible and you are planning to have some spare lines also available for second spare router what you can do is configure HSRP on lan interface and track your serial interfaces on primary router so that incase if primary router goes down completely or infact if only the serial lines go down all traffic can switch from primary router to the secondary router and traffic should pass from secondary router to the remote sites.
HTH
Ankur